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Consider the following statements regarding fiscal consolidation in India:

1. India like several other countries, embarked ii the mid-2000s on an ambitious project of fiscal consolidation.

2. Fiscal Responsibility and Budget Managemen' (FRBM) Act was adopted by the centre in 2003.

Identify the correct statements:

A) 1 only              

B) 2 only

C) Both           

D) Neither of the above